It’s no secret that Nebraska has one of the heaviest property tax burdens for people over age 65 in the nation.
For older homeowners who are struggling with high property taxes, the good news is that Nebraska’s homestead exemption may help them keep more cash in their pockets. This annual exemption excludes all or a portion of the value of a person’s home and up to one acre of land that the home is built on from property taxes. Low- and moderate-income older Nebraskans have until June 30 to apply.
Homeowners age 65 and over by Jan. 1, 2011, who have an income below $32,500 for an individual or $38,300 in combined income for a couple, may qualify for the homestead exemption. They must own and occupy their home from Jan. 1 through Aug. 15 each year to receive the tax relief.
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